SCUC ISD board approves bond refunding plan after efficiency audit; officials say transaction will save about $20 million

The Schertz-Cibolo-Universal City Independent School District board voted 6-0 Tuesday to authorize the sale of unlimited tax refunding bonds — up to a maximum of $128,105,000 — to refinance outstanding district debt. Chief Financial Officer Brian Moy presented related materials and an efficiency audit during the meeting, and trustees approved the refunding order after a short discussion. Board President Finley presided as trustees moved and seconded the resolution, which officials said will be taken to market on Oct. 7 and is expected to close in early November. Moy told the board the district’s financial advisor updated projected savings in the week before the vote; that estimate rose to about $20 million in total savings compared with earlier estimates. The efficiency audit, prepared by an independent firm selected in May, compared the district’s revenue and spending per student with peers and state averages. Moy summarized the auditor’s findings: the district’s revenue per student is lower than peer and state averages for the year examined, while on a five‑year average the district spent less than peers and state averages. Moy also said the district recorded some one‑time spending in the audited year for technology replacements that affected per‑year comparisons. The board approved the refunding order without recorded amendments. The motion passed 6-0. In a related action, trustees approved Budget Amendment No. 1 to carry forward large outstanding purchase orders and to properly budget for goods and services received after the close of the prior fiscal year. Moy said the amendment covers a smaller total than in prior years and explained the practice is intended to avoid charging a single department’s budget twice for the same purchase across two fiscal years. The amendment was approved by the board, 6-0. The board discussed timing and next steps. Moy said final market pricing would be available after Oct. 7 and that the transaction is expected to formally close around Nov. 5. He said the district would publish final numbers in a weekly transmittal once available. Discussion vs. decision: the efficiency audit was a presentation (no vote); the refunding order and budget amendment were formal actions approved by the board. The refunding plan will change debt service scheduling and, according to staff, increase available capacity for future bonds. Proper names mentioned in the meeting include Schertz-Cibolo-Universal City Independent School District, the Legislative Budget Board (audit guidelines), and PBK (architect firm referenced in budget items).